Tunisia: PA Resources, EnQuest terminate farm-out

Issue 294 - 13 Feb 2015
PA Resources and EnQuest have dropped farm-out plans for the Didon field and Zarat permit after the government failed to give its approval. The news comes as PA Resources plans a shareholder meeting on 27 February to decide whether it should go into liquidation. In May 2013, the companies signed agreements for the transfer of 70% in the Didon producing oilfield and the Zarat permit to EnQuest. In July 2014, PA and EnQuest completed the Didon transaction and put the sale proceeds in escrow awaiting a letter of non-objection from the Tunisian authorities.

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